Reddit turned synonymous with the meme inventory rally of 2021. Now, its inventory has grow to be a meme itself.Reddit inventory (RDDT) popped greater than 12% on Tuesday and has rallied greater than 30% since its preliminary public providing final Thursday. Some stories have pegged an uptick in choices quantity to the latest surge in shares.The meme resurgence spans past one well-liked IPO. GameStop (GME), the unique meme inventory, simply had its finest one-day rise in a yr. The Donald Trump-tied media SPAC lastly debuted beneath the identify Trump Media and Expertise Group and ticker image DJT. That inventory was up greater than 50% throughout Tuesday’s buying and selling session alone.”We’re in a really exuberant market,” Interactive Brokers chief strategist Steve Sosnick informed Yahoo Finance. “We’re in a really momentum-driven market. One of many hallmarks of momentum is it turns into far much less about fundamentals. It turns into all about value motion and far much less about about valuation. Meme shares are the epitome of that.”Past these well-liked names, different indicators of a risk-on market are flashing too.Bitcoin (BTC-USD) has pressed close to $71,000 per coin. MicroStrategy (MSTR), a inventory that extra intently follows the value of bitcoin than typical elementary drivers like earnings, is now up greater than 200% yr up to now after an enormous rally on Monday.And the commodities commerce is ripping too, with gold (GC=F) up 7% within the final month and sitting close to an all-time excessive. The value of cocoa (CC=F) has risen practically 50% over the identical time interval.To Charles Schwab chief funding strategist Liz Ann Sonders, these strikes are indicators of “froth” out there.”It is form of the bull market in all the things theme just lately except perhaps bonds,” Sonders mentioned. “It is in crypto, it is in treasured metals, it is in sure different commodities. It is in among the meme shares, once more, and it’s [all part] of the combo.”CEO of Reddit Steve Huffman stands subsequent to Snoo, the mascot of Reddit, on the New York Inventory Trade in New York Metropolis, March 21, 2024. (REUTERS / Reuters)The large strikes come because the broader market sits at all-time highs. The S&P 500 (^GSPC) has hit 20 all-time highs in lower than three months of buying and selling this yr, placing it on tempo for essentially the most report closes in any yr ever. The “straight up and to the suitable” nature of the benchmark’s rise over the past a number of months — it hasn’t produced a destructive month since October 2023 — has had many asking if we’re in a inventory market bubble that is about to pop.Story continuesMany strategists have argued the reply isn’t any.In a analysis be aware on Monday, Deutsche Financial institution’s fairness technique staff reasoned that the $260 billion that is poured into equities since final Might would not point out a peak in danger urge for food. As an alternative, it has been supported by an bettering outlook for each the economic system and earnings.Deutsche Financial institution director of worldwide asset allocation and US fairness technique Parag Thatte informed Yahoo Finance the agency hasn’t seen flows knowledge choose up purely due to danger urge for food but.”If flows or positioning have been to get to an excessive, it turns into a problem by itself, as a result of individuals might get nervous holding prolonged positions once we’re at an excessive,” Thatte mentioned.”However as a result of we’re not but at these ranges, what we might say is that you’ll want some form of a destructive catalyst to ensure that individuals to tug positions again.”Josh Schafer is a reporter for Yahoo Finance. Comply with him on X @_joshschafer.Click on right here for the newest inventory market information and in-depth evaluation, together with occasions that transfer stocksRead the newest monetary and enterprise information from Yahoo Finance